FxWirePro: GBP/CAD Trade Idea

• Major resistance – 1.6530 (trend line joining 1.66270 and 1.65845).
   
• Major support – 1.6400 (Jan 24th 2017 low).
   
• GBP/CAD shown a steady recovery from the low of 1.57360 made on Jan 16th 2017. The pair jumped till 1.66277 on 24th Jan 2017 and declined from that level. It is currently trading around 1.64536.
   
• The decline from 1.71203 till 1.5736 will come to end if it breaks above 1.6627 level. Any break above 1.6630 will take the pair till 1.6740 (Dec 14th 2016 high)/1.68023 (76.4% retracement of 1.71203 and 1.5736).
   
• On the lower side, any break below 1.6400 will drag the pair till 1.62750 (61.8% retracement 1.6070 and 1.66277)/1.60780.
  
  It is good to sell on rallies around 1.6470-1.6475 with SL around 1.6530 for the TP of 1.62750.

Resistance                                                                  R1-1.6530                           

R2-1.6630

R3- 1.6740

Support      

S1-1.6400

S2-1.6275

S3- 1.62000